VA Tech Wabag shares tumbled over 19% in early trade on December 18 after the company revealed that a massive ₹2,700 crore ($317 million) order for a 300 MLD Mega Sea Water Desalination Plant in Saudi Arabia was cancelled. The project, announced in September 2024, was shelved by the Saudi Water Authority due to “internal administrative procedures,” as per the company’s filing. The news sent shockwaves through the market, dragging the stock to a low of ₹1,522.30 on the BSE, a 19.17% dip. By mid-morning, it had recovered slightly, trading at ₹1,585.10, still down 15.31%. Despite today’s slide, VA Tech Wabag has delivered multibagger returns, skyrocketing 157% in the last year. Its order book remains robust at ₹14,600 crore, including framework contracts, signaling a solid pipeline ahead.